Hamlin Capital Management LLC Purchases 59,601 Shares of Paychex, Inc. $PAYX

Hamlin Capital Management LLC raised its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 5.2% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,196,771 shares of the business services provider’s stock after buying an additional 59,601 shares during the period. Paychex accounts for about 2.6% of Hamlin Capital Management LLC’s investment portfolio, making the stock its 23rd biggest holding. Hamlin Capital Management LLC’s holdings in Paychex were worth $117,678,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. 44 Wealth Management LLC grew its position in shares of Paychex by 2.7% in the 2nd quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider’s stock worth $479,000 after buying an additional 86 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in Paychex by 3.5% during the second quarter. Smartleaf Asset Management LLC now owns 2,645 shares of the business services provider’s stock valued at $381,000 after acquiring an additional 89 shares during the last quarter. Greenleaf Trust boosted its stake in Paychex by 1.7% in the fourth quarter. Greenleaf Trust now owns 5,834 shares of the business services provider’s stock valued at $654,000 after acquiring an additional 95 shares in the last quarter. Prosperity Consulting Group LLC boosted its stake in Paychex by 1.4% in the third quarter. Prosperity Consulting Group LLC now owns 7,270 shares of the business services provider’s stock valued at $922,000 after acquiring an additional 100 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its holdings in Paychex by 14.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 798 shares of the business services provider’s stock worth $90,000 after purchasing an additional 101 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Citigroup upped their price target on Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Weiss Ratings upgraded Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 20th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. Morgan Stanley increased their price target on Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 30th. Finally, TD Cowen raised their price target on Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Paychex presently has an average rating of “Hold” and a consensus target price of $108.20.

Paychex Price Performance

Shares of PAYX opened at $118.27 on Thursday. The firm has a market capitalization of $42.07 billion, a PE ratio of 24.19 and a beta of 0.81. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26. Paychex, Inc. has a 1-year low of $85.45 and a 1-year high of $141.89. The company’s fifty day moving average price is $105.79 and its 200-day moving average price is $98.68.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.01. The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The firm’s revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, equities research analysts predict that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be issued a $1.19 dividend. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.0%. Paychex’s dividend payout ratio is currently 97.34%.

Insider Transactions at Paychex

In other news, CFO Robert L. Schrader sold 2,600 shares of the firm’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $115.09, for a total value of $299,234.00. Following the completion of the transaction, the chief financial officer directly owned 18,547 shares in the company, valued at $2,134,574.23. This trade represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph M. Tucci sold 3,907 shares of Paychex stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $98.25, for a total value of $383,862.75. Following the sale, the director directly owned 67,364 shares of the company’s stock, valued at $6,618,513. This trade represents a 5.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is currently owned by corporate insiders.

About Paychex

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.